The Australian Government issued a Financial System Inquiry (FSI) with the objective to examine how the financial system could be positioned to best meet Australia’s evolving needs and support Australia’s economic growth. To read the final report and for more information, visit Financial System Inquiry website.
We believe economic growth is best supported through an efficient and competitive multi-tiered banking system in which each tier vigorously competes for customers on a level playing field. A healthy multi-tiered banking sector is the best model to guarantee Australian consumers and business will be able to access innovative and better value financial products and services into the future.
Issues have emerged since the Global Financial Crisis that result in significant competitive advantage for larger banks. In our submissions we make recommendations that seek to reinstate a level playing field and ensure long-term competition while preserving the stability of the system.
BOQ teamed up with three other Australian-owned regional banks - Bendigo and Adelaide Bank, ME Bank and Suncorp Bank - to write joint submissions that highlight some of the inequities that have arisen since the Global Financial Crisis, which disadvantage smaller banks and favour the larger banks.
Regional banks’ initial submissions to the Inquiry addressing the Inquiry's Terms of Reference on 31 March 2014:
Regional banks’ response to the Financial System Inquiry Interim Report released on 15 July 2014:
Second round submissions responding to the FSI Interim Report submitted on 26 August 2014:
Regional banks' response to the Financial System Inquiry Final Report on 7 December 2014:
The Australian Government asked for consultation on the Financial System Inquiry Final Report, with submissions due 31 March 2015. Below is a copy of the regional banks' submission to the Australian Government and accompanying media release:
Competition Policy Review
The regional banks also advocated for a level playing field in retail banking through their joint submission to the Review of Competition Policy on 5 June 2014.